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Finance Highlights 2011 0218
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Finance Highlights 2011 0218
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CM City Clerk-City Council
CM City Clerk-City Council - Document Type
Committee Highlights
Document Date (6)
2/18/2011
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_CC Agenda 2011 0321
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FY 2010-11 Mid -year review and budget adjustments February 18, 2011 <br /> decline. Staff received a statement from the Alameda County Auditor - Controller dated February <br /> 7, 2011 that provides current projections for property tax receipts based on revenues received to- <br /> date by the County for the countywide 1% tax levy. Based on this new information, the year -end <br /> projection for property tax revenues is relatively flat over the original projections. Staff is <br /> projecting a modest $100,000 increase based on anticipated correction and delinquent payments <br /> (based on prior year trends). <br /> Sales Tax ( +51.66M) <br /> Sales Taxes represents San Leandro's largest General Fund revenue source. The State <br /> significantly reduced the City's sales tax Triple Flip' backfill amount last year to reconcile <br /> overpayments in prior years. The current year budget conservatively projected these revenues at <br /> the lower FY 2009 -10 level. Recent data from the State Board of Equalization regarding a true - <br /> up of the City's Triple Flip backfill revenue adjusts this portion of the sales tax revenue back to <br /> the normal base. This results in an increase in FY 2010 -11 of $1.66 million (a one -time <br /> adjustment of $660,000 and a recurring base increase of about $1 million). Therefore, staff has <br /> adjusted Sales Tax projections for the current year from $17.85 million to $19.5 million (9.3 %). <br /> While new sales tax revenues from the passage of Measure Z are anticipated for next fiscal year <br /> (at about $3.8 million in new annual revenue), revenues related to this sales tax increase are <br /> unknown for this fiscal year. The new .25 cent transaction and use tax rate commences on April <br /> 1, 2011, and revenues will not actually be received by the City until after August 2011. Based on <br /> this timing, staff is not sure if we can accrue these revenues to FY 2010 -11 and therefore, staff <br /> has not included any additional revenue in the revised projections. <br /> Utility Users Tax (UUT) (+$163,000), 911 Tax & Other Taxes (+$165,000) <br /> UUT revenues are comprised of taxes on energy and cable /telecom usage. San Leandro <br /> experienced a decline in these revenues last year and the Adopted Budget reflects a conservative <br /> revenue estimate. Staff is increasing revenues for FY 2010 -11 by about $163,000 UUT revenue <br /> over the adopted revenue projections. Based on current trends, staff is also projecting an increase <br /> in annual revenue from the 911 Tax of $100,000 and an increase of $65,000 in several other <br /> small tax revenues. <br /> Other Revenues (- $665, 000) <br /> We are reducing revenue estimates for several other revenue sources. <br /> o The category of "Use of Money & Property" includes interest income, which staff is <br /> reducing by $161,000 due to the current earnings rate. <br /> o Revenue from Other Agencies is reduced by $96,000 to correct budgeted federal grant <br /> revenue that the City will not receive this fiscal year. <br /> o Service Charges revenue is increased by $49,000 to account for current trends. <br /> o The category of "Other Revenue" includes a number of miscellaneous revenue sources. Staff <br /> is reducing budgeted estimates in several areas totaling $457,000 based on year -to -date <br /> ' The State modified the structure of city sales tax revenues, effective July 1, 2004, when they enacted <br /> legislation from a voter - approved deficit financing bond measure. This measure included a reduction of <br /> the local Bradley -Burns sales tax share from 1% to .75%, routing the .25% to other State funding needs. <br /> The .25% was fully replaced with property tax revenues (sales tax back -fill) to make cities whole. This <br /> shuffle of revenues is commonly referred to as the "Triple Flip. " <br /> 3 <br />
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